--%>

Supply of Labor-Income and Substitution Effects

I have a problem in economics on Supply of Labor: Income and Substitution Effects. Please help me in the following question. When the income effect of higher wage rate is more influential than the substitution effect, then: (1) The supply curve of labor is positively sloped. (2) Demand for the leisure increases as income increases. (3) Human capital effect is much stronger than wealth effect. (4) Supply curve of the labor will be negatively sloped. (5) Overtime wage result is 50% more powerful than income effect.

What is the right option.

   Related Questions in Microeconomics

  • Q : Define opportunity cost Opportunity

    Opportunity cost: The Opportunity cost refers to the cost of next best alternative inevitable.

  • Q : Problem on Product Differentiation Most

    Most of the mass advertising is planned to: (1) Give accurate information on product and price quality. (2) Boost output to conform to the consumer preferences. (3) Alter the consumer preferences. (4) Provide free TV entertainment and remain newspaper

  • Q : Area above price line and below

    I have a problem in economics on Area above price line and below individual demand curve. Please help me in the following question. When a single price is charged for each and every unit of a good, then the area above the price line however beneath an individual&rsquo

  • Q : Find elastic demand when price and

    When the price of Kellogg's Corn Flakes goes up from $1.89 to $2.05 as well as quantity demanded changes from 250 to 210, in that case the demand for Kellogg's Corn Flakes: (w) unitary elastic. (x) relatively inelastic. (y) relatively

  • Q : Boosting minimum wage laws Boosting

    Boosting minimum wage laws from $5 to $8 per hour is LEAST probable to: (w) give some unskilled workers with higher incomes. (x) cause some low-wage workers to lose their jobs. (y) raise friendship like a basis for employment. (z) decrease unemploymen

  • Q : Present Value of an Asset The present

    The present value of an asset refers to the: (w) consumer surplus derived from the asset throughout the current period. (x) value today of any expected income payments related with owning the asset. (y) economic rent realized after paying the market p

  • Q : Right-to-Work Laws-agency shop I have a

    I have a problem in economics on Right-to-Work Laws-agency shop. Please help me in the given question. In states with right-to-work laws, non-union members can’t ‘free-ride’ when the union negotiates a/an: (1) Closed shop. (2) Open shop. (3) Union sh

  • Q : Quality and safety in Adverse Selection

    The popular sporting goods magazine publishes a report on quality and safety of different brands of ski equipment. This report would be most probable to determine a problem consumer’s face since of: (i) Adverse selection. (ii) Brand-name bias. (iii) High priced

  • Q : Collective Bargaining and Monopsonistic

    Can someone help me in finding out the right answer from the given options. Assume that sales of generic beds are highly competitive and Deluxe Beds is just significant employer in Nowhere, Nevada. When deluxe workers unionize and

  • Q : Marginal costs and marginal revenue in

    Can someone help me to solve this problem as given below: A profit maximizing firm will generate where: (w) MR > MC. (x) MC > MR. (y) MR = MC. (z) ATC > P > MC. How can I solve my